Black Ant Capital
黑蚁资本
Black Ant Capital is a consumer-focused investment fund founded and led by managing partner He Yu, known for backing Pop Mart and Heytea before their public listings . The firm made a splash in late 2020 when Pop Mart's IPO at a RMB 100 billion valuation marked its arrival on the scene, followed by raising roughly RMB 4 billion across new RMB and USD funds that same year—then the largest fundraising in consumer for that period . Its investment thesis centers on companies that "make life better," though He has acknowledged the fund's early concentration on tier-one and tier-two cities and a subsequent pivot toward lower-tier markets after missing out on Mixue Bingcheng's 2020 round . A more recent bet that paid off dramatically was leading the sole pre-IPO financing for Laopu Gold, whose June 2024 Hong Kong listing saw its shares rise over 20-fold and approach a HKD 150 billion market cap . He describes Black Ant's long-term ambition as modeled after 3G Capital, the Brazilian investment group that reshaped the global beer industry, though a 2021-2022 attempt at coffee-brand incubation and vertical integration taught the team that such consolidation plays were premature for the Chinese market at that stage .
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Coverage
He Yu: Eating a 5-Yuan Bowl of Beef Noodles Again After Three Years — You Have to Go Deep Into County Towns to Keep Your Fingertip Feel | End of 2025
It's not just about consumption or investment.
I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
When the investors of Ning Wang, Xingxing Wang, and Junjie Zhang sat down together
What makes a "newly made person" new?
Before Pop Mart's IPO, an unpublished interview with Wang Ning
Only human nature never changes.
Consumer investor Yu He waited for two big fish like he was waiting for Godot.
I've stumbled through pitfalls and detours, celebrated victories, and felt the sting of regret.
No matter how the world changes, *Dark Tide* turns three.
Before the sun rises, Anyong will keep searching for answers alongside all of you.
BlueRun Ventures Leads $10 Million Angel Round for Emerging Consumer Electronics Brand Oladance | BlueRun Ventures
First globally proposed the OWS (Open Wearable Stereo) concept of open-fit wearable spatial audio.
On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
As Fierce as August | 5Y News Monthly
The big news from last month.
5Y News | "Drama Peach Blossom Spring" Raises Tens of Millions of RMB in Angel Round to Build Urban Immersive Amusement Parks
Chinese aesthetics, offline social connection, and a free, open worldview.
Source Code Capital portfolio company WANGBAOBAO announced the completion of a Series C financing round worth several hundred million yuan, with existing shareholder Source Code Capital continuing to increase its stake.
Leveraging brand momentum to continuously break into new circles, it has already covered over 10,000 offline retail terminals, with offline sales accounting for 40% of total volume in a single month.
Domestic skincare brand PMPM raises tens of millions of yuan in pre-A and pre-A+ rounds, with Source Code Capital as sole angel investor
Launched less than six months ago, it has accumulated nearly RMB 50 million in GMV, growing 100x in just over six months.
WANGBAOBAO, a Source Code Capital portfolio company, closes nearly 100 million yuan Series B with continued follow-on from Source Code Capital
After reaching number one in Taobao's cereal category, they kept replicating the "zero to one" playbook.
